North of South Capital LLP 13F holdings, Q3 2025
Holdings as of September 30, 2025 · filings on SEC EDGAR · latest filing →
North of South Capital LLP disclosed 23 US equity positions worth $1.0bn in its Q3 2025 13F filing. The largest position was JD at 13.7% of the reported book, followed by YMM and TSM. Against the Q2 2025 filing, it opened 4 new positions, added to 13 and reduced 4 among the top 23 holdings.
What did North of South Capital LLP own in Q3 2025? Top 23 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q2 2025 |
|---|---|---|---|---|---|---|---|
| 1 | JD JD.COM INC-ADR | Consumer Cyclical | 13.7% | $142.5m | 4,072,931 | 2% | added |
| 2 | YMM FULL TRUCK A-ADR | Technology | 13.2% | $137.6m | 10,607,375 | 34% | added |
| 3 | TSM TAIWAN SEMIC-ADR | Technology | 12.2% | $127.5m | 456,345 | 2% | added |
| 4 | PAAS PAN AMER SILVER | Basic Materials | 11.2% | $116.2m | 3,000,056 | 444% | added |
| 5 | IBN ICICI BANK-ADR | Financial Services | 9.4% | $97.9m | 3,238,233 | 926% | added |
| 6 | KT KT CORP-ADR | Communication Services | 8.0% | $83.5m | 4,283,287 | 2% | added |
| 7 | VIPS VIPSHOP HOLD-ADR | Consumer Cyclical | 6.3% | $65.9m | 3,355,999 | 4% | added |
| 8 | ATHM AUTOHOME INC-ADR | Communication Services | 6.3% | $65.2m | 2,284,939 | 4% | added |
| 9 | BIDU BAIDU INC-SP ADR | Communication Services | 5.3% | $54.7m | 415,245 | -33% | reduced |
| 10 | LAUR LAUREATE EDUCATI | Consumer Defensive | 4.9% | $50.6m | 1,605,311 | 2% | added |
| 11 | YPF YPF SA-ADR | Energy | 3.8% | $39.3m | 1,619,983 | 4% | added |
| 12 | VLRS CONTROLADORA-ADR | 3.5% | $36.5m | 5,081,733 | 2% | added | |
| 13 | BABA ALIBABA GRP-ADR | Consumer Cyclical | 0.6% | $6.3m | 35,003 | -98% | reduced |
| 14 | AXIAY ELETROBRAS-ADR | 0.4% | $4.4m | 439,682 | 100% | added | |
| 15 | PBR PETROBRAS SA-ADR | Energy | 0.3% | $3.6m | 285,373 | 151% | added |
| 16 | AUGO AURA MINERALS | 0.3% | $3.1m | 82,986 | – | new | |
| 17 | TIGO MILLICOM INTL | Communication Services | 0.1% | $1.3m | 27,054 | -49% | reduced |
| 18 | SKM SK TELEC-SPN ADR | Communication Services | 0.1% | $1.1m | 52,439 | – | new |
| 19 | BAP CREDICORP LTD | Financial Services | 0.1% | $1.1m | 4,000 | -52% | reduced |
| 20 | UMC UNITED MICRO-ADR | Technology | 0.1% | $947.5k | 125,000 | – | new |
| 21 | MUX MCEWEN INC | 0.1% | $855.0k | 50,000 | – | new | |
| 22 | TV GRUPO TELEV-ADR | 0.0% | $269.0k | 100,000 | 0% | held | |
| 23 | BBAR BBVA ARGENT-ADR | 0.0% | $249.6k | 30,000 | 0% | held |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.